Prices Lowest Since 2003

According to an article in the Boston Business Journal posted today, Boston-are home prices are the lowest since 2003!

This is very interesting news for Boston real estate.

Our friends over at Zillow have released their third quarter home sales data indicating that Boston real estate prices are off 16.6% from their all-time high in 2005.

The average home in the Boston area was worth $405,849 in the second quarter of 2005 and now the average price has dropped to $338,538, a level not since seen since the second quarter of 2003.

Zillow also found that Boston real estate figures continued to outperform the national average. On a national level, homes lost 9.7% of their value while the Boston area average loss was only 7.7%. Another positive Zillow found was that number of homeowners who owe more than their home is worth is down to a 5 year low of 7.1%.

This survey included Boston, Cambridge and Quincy data.

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Source: Boston Business Journal

Photo credit: National Geographic

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